NEW YORK ( TheStreet) -- "I'm giving this market the benefit of the doubt," Jim Cramer told his "Mad Money" TV show viewers on Monday. He said after a run of notable achievements, including a recent streak of stellar up days, the markets should be forgiven for giving back some of its gains. Why is Cramer still bullish? He said the huge number of 52-week highs is a good place to start. Cramer said stocks like his F.A.D.S.C.A.N. group of high-growth stocks are delivering tremendous gains. They include F5 Networks ( FFIV), up 50%; Amazon.com ( AMZN), up 81%; Deckers ( DECK), up 96%; and Salesforce.com ( CRM) up 66%. He said these stocks have delivered their gains in the face of Chinese inflation, Greek debt default and an earthquake, tsunami and nuclear crisis in Japan. Cramer said he's also bullish because the markets have had a 7% run recently, and that means some profit-taking in certainly in order. He said there are still problems out there, like the U.S. debt ceiling issue, but others, like the newly minted Italian debt concerns, may be overblown. Cramer said the market need to be forgiven for a few down days, they've certainly earned them.
Out of the DoghouseWith the first half of 2011 now in the books, Cramer scoured the S&P 500 index to see which, if any, of the 15 worst performers deserve to be left out of the doghouse. Cramer identified three stocks that he says are now ready to run and should be bought. First on the list was Monster Worldwide ( MWW), a stock that's down 39% for the year. Cramer said his recommendation of Monster back in April has proven to be wrong, but with employment showing some signs of life, now might actually be the time to invest in Monster. Cramer noted that most labor and employment reports are lagging indicators and only tell us what we already know, that hiring did not pick up in the first half of 2011. But with retail sales and other leading indicators on the rise, Cramer said employment shouldn't be far behind. He said Monster is constantly reinventing itself, and with stocks like LinkedIn ( LNKD) selling at 20 times sales, Monster, selling at just two times sales, is a steal. Then there's Janis Capital ( JNS), a stock that's down 27% for the year. Cramer said this investment firm which caters to investors of all types does poorly in ugly markets, but the second half of 2011 should bode well for Janus. He said after a string of six different CEOs, Janus now has a solid management team that's cleaning up the balance sheet, returning its debt to investment grade and boosting the company's dividend to 2%. Cramer said this turnaround is for real and Janus is once again a contender. Cramer saved his top S&P laggard for after the commercial break.
Coal PlayCramer said his "top dog" in the bottom of the S&P 500 is Alpha Natural Resources ( ANR), a stock that's down 25% on the year. Cramer last featured Alpha on March 17, identifying the company as his third favorite coal play. But with shares having fallen so much, Cramer said Alpha now tops his list. He said while the skeptics focus on perceived weakness in the macro- economic picture, a bottom's up approach to Alpha shows a company in high demand. Not only is there still high demand for coal in the developing world to make electricity, but there's also a great need for metallurgical coal for steel production. Alpha's recent acquisition of Massey Energy was a terrific move and now lets Alpha focus on whichever coal is the most profitable at the time, he said. Cramer said Alpha also scored a win as new EPA regulations did not call for the shuttering of older coal mines. He said these new regulations, now that they are known, will no longer overhang the coal industry. Coal also has the endorsement of President Obama, and that can't be bad, he said. Alpha is also drawing a line in the sand, he said, buying back its stock. Cramer said this is a signal to investors that company management feels the stock is simply too low.